Increase ROI by reducing customer churn
We all know breakups hurt. Sometimes, we don’t understand why they left and we forever wonder what we could have done differently…
Companies feel that same heartbreak when clients or customers bring the relationship to an end. This is known as customer churn and it occurs when a customer or client stops doing business or ceases his or her relationship with a company.
So, what should we do about it?
Here’s our 5 top tips to act as vital aids when calculating how to reduce customer churn whilst generating revenue.
- If your employees aren’t engaged, your customers won’t be. The employees role and it’s importance must be communicated. There also needs to be a company wide standard or target setting strategy communicated, to bring the organisation together and share a collective vision of what great Customer Experience looks like.
- Add that personal touch. Generic emails and automated voices miss that true interaction between a customer and an organisation. Talk to your customers, always include names, and know their behavioural patterns – your customers want to feel they are talking to a human and not a robot.
- Know your weaknesses. You need to know why your customers cancel or leave – where is your company lacking. You need to know these pain points in order to fix them! So listen to your customers complaints – they are actually an opportunity to turn a bad experience into a positive.
- Get ahead of your competitors. It’s simple – if your customers feel like they can receive better customer service elsewhere, then that’s exactly what they will do. Try to offer incentives in the way of promotions and offers. Let your customers know when you make improvements. Surprise your customers and let them know you are thinking about them.
- Adopt a strong CX programme. An intelligent programme will allow you to receive real time results, bring your data into one manageable space and gain key customer insights on trends and behaviours. In turn, this should help you and your organisation improve processes, manage data and better engage with customers.
Download our handy presentation that includes a 6th top tip which includes the calculation you need to measure ROI as a direct result of Customer Experience. Each calculation varies per company – download the customer churn presentation now to find out the results of yours.